课程名称︰总体经济学下 课程性质︰经济系必修 课程教师︰朱玉琦 开课学院：社会科学院 开课系所︰经济学系 考试日期（年月日）︰2022/5/27 考试时限（分钟）：2.5小时（15分钟线上扫描） 试题 : 1. (16 points) Consider the monetary model in a closed economy with a credit card tax. The setting for the credit card tax is the same as Q1 in PS5. (a) Suppose that the government increases the credit card tax, t. Discuss how this policy affects r, Y, N, w, C, I and P in the short run and in the long run. (b) Suppose that K increases and that the output supply effect is larger than the output demand effect (this means that Y shifts more than Y ). Would you recommend the government to raise the credit card tax in order to close the output gap? Explain why. You need to use the IS-LM graph to specify the long-run equilibrium and the short-run equilibrium if K increases. 2. (40 points) Consider a monetary model in a closed economy. The government considers to increase its current expenditure G with the following financing plans: (i) collecting more taxes from households, (ii) issuing more bonds and running a debt deficit, or (iii) printing more money. Assume that the money demand is much more responsive to the real income than to the real interest rate, and that the Ricardian Equivalence result holds in this environment. For the following questions, if there are two opposite forces affecting a variable, state the two forces to explain why the result is ambiguous. (a) Analyze and compare r, Y, N and w in the long run with the above three schemes to finance an increase in G. (b) Analyze and compare the nominal wage, W, the nominal interest rate, R, and the aggregate price P in the long run with the above three schemes to finance an increase in G. (c) Analyze and compare r, Y, N and w in the short run with the above three schemes to finance an increase in G. You need to draw the IS-LM graph and specify the equilibrium for all three financing schemes. (d) Suppose that the economy is in a liquidity trap. Analyze and compare r, Y, N and w in the short run with the above three schemes to finance an increase in G. You need to draw the IS-LM graph and specify the equilibrium for all three financing schemes. (e) Suppose that there are many credit-constrained households so that the Ricardian equivalence result no longer holds. The economy is not in a liquidity trap. Analyze and compare r, Y, N and w in the short run with the above three schemes to finance an increase in G. You need to draw the IS-LM graph and specify the equilibrium for all three financing schemes. 3. (30 points) Consider the monetary model in an small open economy with flexible prices and fixed exchange rates. The home goods and the foreign goods are perfect substitute. The economy is running a trade deficit and the government’s goal is to improve this situation. Policy makers propose the following policies: (a) Advice 1. Set a higher exchange rate (the home currency depreciates). (b) Advice 2. Improve the government’s deficits by raising current taxes. (c) Advice 3. Set a limit on capital outflow. (d) Advice 4. Extend the retirement age from 65 to 75. (Hint: think about how this policy would affect aggregate labor supply and aggregate saving.) (e) Advice 5. Impose taxes on holding foreign assets. Discuss whether the above policies improve trade deficits. Explain your result. --

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